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Platforms under fire for holding up re-reg

Wrap and platform providers have been accused of protectionism by not allowing bulk re-registration on and off their platforms.

At the Money Marketing Wrap Round Table, IFAs called on wrap providers to make the enabling of bulk re-registration a priority.

Falcon Group business development manager Piers Denne said platforms are likely to develop in different ways and speeds, meaning advisers may want to switch providers further down the line.

He said: “It is almost like protectionism. But if the provider we have chosen is not keeping up or is getting behind the curve in terms of development, we need the capability of moving to someone who is ahead of the curve and who is setting the scene. If we do not have this, the provider is holding back our business, end of story, so we need the capability of bulk re-registration.”

Cofunds director Stephen Mohan said the wrap and platform business is still in its infancy and there is little demand for re-registration.

He said: “The demand for this is minuscule. Just look at banks and the switch rates of bank accounts. We receive hardly any demand for re-registration off the platform and that is not really a surprise.”

Financial Technology Research Centre director Ian McKenna said: “Saying there is no demand for this is like saying people did not move their bank accounts very often because the banks found it in their interests to make it an absolute nightmare to do so. If providers do not get this solved in a streamlined, cohesive manner, they will hold back the evolution of the wrap market in the UK.”

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